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Tourism in el salvador has grown by 30% since bitcoin was introduced as a legal course. on Sept 7, 2021. The country's Minister of Tourism revealed the information, saying that there was an increase in the Q4 2021, 300 million more or less than expected.
El Salvador's decision to make Bitcoin legal tender paid in respect of tourism is concerned. The law has increased tourism by 30%, according to local media reports on Feb 21. The report says that the tourism industry is one of the most important elements for the economic growth of the country - with the president nayib bukele placing it as the second economic push for 2022.
It appears that making bitcoin legal tender has put El Salvador on the map of tourists, with foreign tourists outside of the continent increasing. Prior to this, many tourists came from neighbouring countries in Central America. Tourists from the United States make up 60% of this figure.
Tourism Minister morena valdez said that the rebound in the sector following the pandemic exceeded expectations. The government targeted 1.1 million visitors, increasing to 1.4 million. Valdez said,
“We did a poll to check the activity according to the before and after of . The tourism sector expanded during November and December. This is up over 30%."
That will please the El Salvador government, which has received some criticism for its Bitcoin-related movements in the past. Citizens protested, although in the last few months no such news has been reported. There may even be more benefits for foreign investors, however, as the country is considering giving them citizenship
El Salvador benefiting from the Bitcoin movement.
The decision to bring Bitcoin so heavily into the economy has triggered global conversations. President Bukele has been strong in his commitment, saying that Bitcoin would bring huge benefits to the economy.
Bukele has said that bitcoin usage has exceeded expectations. Last year, more than two million citizens began using chivo less than one month after its introduction.
But people outside the country seem to feel the opposite. The International Monetary Fund (IMF) has urged El Salvador to drop bitcoin as a currency, citing financial stability risks. Moody’s, meanwhile, has raised El Salvador’s risk profile
